Ethereum co-founder Joe Lubin, founder of Consensys, said the relatively stable price of ETH during the cryptocurrency winter is reason for excitement about Ethereum’s future.
Consensys founder Joe Lubin demonstrates the winter resilience of Ethereum’s latest cryptocurrency
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Stability is associated with a combination of macro events.
Cointelgraph editor Andrew Fenton joined Lubin at the Web3 Building Blocks 23 event in Tel Aviv, Israel for a wide-ranging discussion on the current state and future of the Ethereum ecosystem.
Joseph Lubin speaks at the 23rd Cointel Graph in February 2023 at a building in Tel Aviv, Israel.
The co-founder of the leading smart contract blockchain protocol has touched on many topics in the past year, including the performance of the ETH market and several algorithmic stable currency events, including the collapse of the algorithmic stable currency TeraUSD (UST) and the collapse of cryptocurrency exchange FTX. Like an “explosion from above” in the ecosystem
“We do it, you know, where we have random fun and then the top goes crazy, the top is the top, the bottom is the bottom.”
Lubin’s geopolitics; The last 12 months compared to the early 2000s, when the dotcom boomed due to economic and ecological factors, geopolitics, It believes that investors will not be deterred by economic and ecological factors. He sees the potential for bigger projects and “more innovation” in the cryptocurrency sector in the near future:
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“I think we have reached a stage where we have built enough infrastructure. We have built scale and ease of use and can now build more use cases.
It’s been a tough year for the cryptocurrency markets, but Lubin is making the most of the stability of the Ethereum ecosystem and what’s being built through “valuable businesses,” especially in the Nonfungible Token (NFT) space.
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The founder of ConsenSys said ETH’s price around $1,200 could hold for a long time, with some “CeFi” players blown away, which bodes well for the ecosystem’s future.
“There doesn’t seem to be anyone selling tokens at a cheap price. That’s good. I’m getting out of here right away.
Ethereum integration has played a big role in ETH’s market cap in recent months. This is part of Ethereum’s move towards a stake-tolerant consensus in November 2022, when Ethereum will first be exempted.
Lubin believes that ether’s decline is essential to ensure the profitable value of the underlying asset over time:
“Money has been spent on coffee. It is the amount of money you invest. There is money that can be borrowed. You want your highly economically responsive coin like ether to be highly innovative and valuable.
The Ethereum co-founder also stated that the Ethereum ecosystem will not see major changes in the money supply and believes that the currency base will gradually shrink.
“I think slow decay is right, or at least to simplify, we’re going to integrate ether into the protocol and use ether for other kinds of voting systems like DAO, Diffie, etc. I think it’s important for the ecosystem.
Ethereum is currently preparing for the Shanghai Hard Fork. The main feature activates ETH on the Beacon chain and allows users to redeem rewards.